John Freeman is investing $8,006 at the end of each year in a fund that earns 6%
Question:
John Freeman is investing $8,006 at the end of each year in a fund that earns 6% interest.
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In how many years will the fund be at $92,000? (Round answer to 0 decimal places, e.g. 45.)
Years |
Newman Quincy wants to withdraw $30,000 each year for 8 years from a fund that earns 4% interest.
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How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)
First withdrawal at year-end | $enter a dollar amount rounded to 0 decimal places | |
---|---|---|
First withdrawal immediately | $enter a dollar amount rounded to 0 decimal places |
George Tyler’s VISA balance is $1,480.55. He may pay it off in 12 equal end-of-month payments of $140 each.
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What interest rate is George paying? (Round answer to 1 decimal place, e.g. 8.5%.)
Interest Rate | % | per month |
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair